KARACHI: Pakistan’s benchmark stock index surged by more than 2,700 points in early trading on Monday after U.S. President Donald Trump announced the start of negotiations with Iran.
The benchmark KSE-100 Index at the Pakistan Stock Exchange rose 2,708 points to 178,802 during the session, extending a strong start to trading in the first business day of August.
Investor sentiment improved amid easing geopolitical concerns following the announcement of renewed US-Iran talks.
Elsewhere in Asia, stock markets traded mixed. Japan’s Nikkei index fell 1.5%, while South Korea’s Kospi declined 5.25%. Hong Kong’s Hang Seng Index, however, edged up 0.1%.
Earlier, US President Donald Trump has opened the way for talks with Iran, saying negotiations will begin Monday as Washington looks for a diplomatic solution to ease tensions and prevent further escalation in the region.
Trump said he had delayed a planned attack on Iran to give diplomacy more time, adding that he wanted to reach an agreement over Tehran’s nuclear activities and the reopening of the Strait of Hormuz, a key route for global energy shipments.
While returning to Washington from New Jersey on Sunday, Trump told reporters that discussions would begin Monday afternoon but did not reveal where the talks would take place or who would participate.
When asked whether Iran had been given a deadline to reach an agreement, Trump avoided setting a timeline and said he preferred negotiations over further military action.
“Would I rather make a deal? I’m not looking to kill people because people die, a lot of people die, and we don’t want that,” Trump said.